EURJPY Price Approaches Potential Bearish Reversal Level – Cryptovibes.com – Daily Cryptocurrency and FX News
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EURJPY Price Analysis – February 11
In case the resistance level of $132 holds, price may reverse and face the support levels at $131, $130 and $129. On the other hand, further increase in the Bulls momentum may push the price to the supply level of $133, above it is $134 resistance levels.
EURJPY Market
Key Levels:
Supply levels: $132, $133, $134
Demand levels: $131, $130, $129
EURJPY Long-term trend: Bullish
EURJPY is bullish on the long-term outlook. The double bottom chart pattern formed at $128 level triggered a bullish trend on the daily chart. The former resistance levels of $130 and $131 has turned to support levels after the break up. The price has tested the previous high at $133 as the completion of the “W” chart pattern. The price may pull back to retest the $131 level.
The Double bottom chart pattern noticed on the daily chart formation is completed. The price is decreasing towards the support level of $131. The currency pair is trading above the 9 periods EMA and 21 periods EMA which is a bullish movement sign. The relative strength index period 14 is above 65 levels with the signal lines showing bearish direction as a pullback in the EURJPY market. In case the resistance level of $132 holds, price may reverse and face the support levels at $131, $130 and $129. On the other hand, further increase in the Bulls momentum may push the price to the supply level of $133, above it is $134 resistance levels.
EURJPY Short-term Trend: Bullish
EURJPY is bullish on the 4-hour chart. When price reached $132 level on February 04, the resistance level mentioned hold the price and the support level of $131 equally holds. The price started a ranging movement within the level. A bullish breakout took place on February 10. The price increases to test the resistance level of $133 level. The price is currently pulling back to retest the dynamic support levels.
The price is trading between the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is above 50 levels and the signal lines pointing up to indicate a buy signal.
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